Female representation in the property sector

31 OCTOBER 2023 

Pioneering female inclusion in the property sector

At a recent event, RMB facilitated a compelling conversation with a diverse group of professionals in the property sector comprising of property developers, investors, entrepreneurs and service providers on the importance of gender inclusion and access to opportunities for women operating in the sector. The conversation highlighted some of the encouraging trends and developments in the sector in recent times and similarly shone the spotlight on some of the work and progress still to be made in the sector.

These were some of the key learnings:

On the right path but still a long journey ahead

Shifting female representation in the sector was highlighted as an area requiring strategic focus, not only for the health of the industry but in support of a wider mandate to improve the ability of all women to fully participate in, contribute to and benefit from economic growth and development. According to Thuli Mpuntshe, The Women Property Network (WPN) National Chair representation in the sector has improved incrementally: “More women are choosing to study in the sector, go to site, lead in boardrooms, and there are more role models to look up to. However, this is a continuous journey.”

A 2022 report conducted by WPN shows that SA focussed real estate investment trusts (REIT), with a combined market capitalisation of R210 billion, highlights that the sector remains largely male dominated. From a leadership point of view, the WPN report states that the average executive female representation was 15% between 2013 and 2021, with non-executive females only amounting to 25%.

Inclusion starts with organisational culture

Added Mpuntshe: “We have been holding frank, respectful conversations with leaders to build a lasting, sustainable environment for inclusion. Equality needs to be strategic and deliberate, with environments where women can be celebrated.”

This culture begins with leadership. WPN’s State of Gender Diversity Report noted that thirteen REITs had 100% male representation on an executive level, illustrating the need for transformation. Some South African property companies are already making positive change a reality. Jackie van Niekerk, CEO of Attacq Properties said: “We are passionate about driving inclusion in our business - 66% of our employees are female, and our board is 40% female. In order to see genuine transformation in gender equality, women need to drive policy and decisions and consciously change the narrative of the business. Leaders are responsible for shifting the culture and setting the tone at the top.”  

Riyaad Khan, Co-head of Real Estate Investment Banking at RMB, says that gender transformation is an integral part of RMB’s DNA: “As a business we are proud to have many pioneering female leaders. Female leadership and inclusion is one important facet of our approach to diversity in the workplace.”

RMB also believes that men play a critical role in transformation and championing gender equality within organisational culture. Adds Khan: “This can translate into mentorship and sponsorship of women or the support of formal gender inclusion initiatives. Ultimately, there is business value in women, and a culture of genuine equality will act as a business driver, attracting more value into the organisation.”

Inclusion includes access to property

Beauty on TApp Founder, Mathebe Molise, told a compelling story of how gender bias has an impact on access to property. Having worked at RMB within the property sector, she had deeper insight than most on the dynamics at play: “After establishing a successful e-commerce business with a clear track record of growth, I wanted to respond to customer requests to open a brick and mortar store. This process was surprisingly difficult. Although I had evidence of my business’s financials and revenue growth, it was really difficult to find a mall that would give me the space my business needed.”

Molise attributed part of this to an innate bias against a young female entrepreneur. After three months and after fulfilling intensive assessment criteria, she found a home for her business in Mall of Africa in April 2023. “Eventually, we were given prime space in Mall of Africa, to great success. We undershot our sales budget by a third. I hope my story shows how important it is for property owners to take chances on female entrepreneurs. By letting us into the room, you are part of making history. Female-led businesses hold the potential to make a great, positive change to our economy.”

Joanne Maroudas, Real Estate Investment Banking Transactor at RMB, concludes: “RMB’s dialogue on women in property celebrated the women and men who have made a positive change in the industry to date and are forging a path for change in the future. It was a privilege to host prominent individuals in the property investment space. As a bank, we will continue to champion gender inclusion in the property sector and provide the practical input and insight required to see continued positive change.”

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